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I was on the Edmunds site and put all the info in the "Appraise My Car" and couldn't believe that it's only worth $10,670 and dealer retail at $13,000! I read not too long ago that the C5 vettes were in upcoming demand. Now it looks like they are hardly worth it based on the prices. Also looked at eBay motors and most were ~ $15k selling price. It has 49,000 miles on it and is in excellent condition. I still love it but am shocked. Opinions?
St. Jude Donor '03-'04-'05-'06-'07-'08-'09-'10-'11-'12-'13-'14-'15-'16-'17-'18-'19-
'20-'21-'22-'23-'24
NCM Sinkhole Donor
CI 5, 8 & 11 Veteran
No way I would let it go for those prices. I would think you could get $17-18K (or possibly more) out of the car with the right buyer as long as everything works and the car is in very good shape, which it looks like it is.
People make a serious mistake when they believe "book value" is necessarily true actual value. If deciding the value of a used car was so easy as to just read a book, dealers would not be paying used car managers six figures annually to do that job.
No way I would let it go for those prices. I would think you could get $17-18K (or possibly more) out of the car with the right buyer as long as everything works and the car is in very good shape, which it looks like it is.
That's what I thought. And since my posting, I checked AutoTrader and saw prices in the $18-23K range, depending on mileage.
I used to trust Edmunds for their reviews, etc., but their auto appraisal is really out of whack.
Edmunds, KBB, Nada and the like, are ALL in cahoots with the Auto Industry. Ever notice, that a dealer will not use the KBB value when you present it EXCEPT when they are selling you the car? When your trading in, they say "well, KBB does not represent wholesale prices at the auto auction". A friend of mine is a GM for a large family of dealerships. He told me that the dealer, on a used car, needs to sell the car for 5-6k more than they bought it for, to pay all the overhead of the dealership.
Edmunds, KBB, Nada and the like, are ALL in cahoots with the Auto Industry. Ever notice, that a dealer will not use the KBB value when you present it EXCEPT when they are selling you the car? When your trading in, they say "well, KBB does not represent wholesale prices at the auto auction". A friend of mine is a GM for a large family of dealerships. He told me that the dealer, on a used car, needs to sell the car for 5-6k more than they bought it for, to pay all the overhead of the dealership.
They are all interconnected.
YetMan
Only in his dreams! This is where "myths" come from. New car dealers average around $1500-1600 gross profit per used car sold. This profit would be after reconditioning costs but would not factor in F&I profits. I know these numbers after many years of owning new car dealerships. There is extensive information on these numbers available simply by using google.
Convertibles are a seasonal commodity, in the northern tier of states the wholesale value goes down and in the spring and early summer they run much higher. Relying on the commercial "Book Value" is like looking for the average price of a home. That pristine ranch will always sell from much more then a fixer-upper, and in the northern states April, May and June are the premium months to sell homes and convertibles.
Convertibles are a seasonal commodity, in the northern tier of states the wholesale value goes down and in the spring and early summer they run much higher. Relying on the commercial "Book Value" is like looking for the average price of a home. That pristine ranch will always sell from much more then a fixer-upper, and in the northern states April, May and June are the premium months to sell homes and convertibles.
Yeah, changed my mind to selling next April/May for reasons stated by you.
Only in his dreams! This is where "myths" come from. New car dealers average around $1500-1600 gross profit per used car sold. This profit would be after reconditioning costs but would not factor in F&I profits. I know these numbers after many years of owning new car dealerships. There is extensive information on these numbers available simply by using google.
I ran the same averages but a specialty car can bring a higher profit since the buyer will either have a bigger down payment to reach loan value, or be paying cash
By the way, you can't buy from Edmunds or any others. When I was a dealer I used Black Book (only for dealers) and it listed 4 conditions of the car but I needed to know from experience that hotter cars will bring in the higher price than a cold one.
10-20-2018, 08:40 PM
2004 Vert LeMans Commemorative Trade-in Value?
I ran the same averages but a specialty car can bring a higher profit since the buyer will either have a bigger down payment to reach loan value, or be paying cash